Silvercrest Asset Management Group LLC Sells 20,471 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 13th, 2023

Silvercrest Asset Management Group LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 814,937 shares of the iPhone maker’s stock after selling 20,471 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Apple were worth $105,885,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Barclays PLC increased its position in Apple by 53.0% in the third quarter. Barclays PLC now owns 30,235,823 shares of the iPhone maker’s stock worth $4,178,590,000 after buying an additional 10,471,342 shares during the last quarter. Vanguard Group Inc. increased its position in Apple by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after buying an additional 8,734,393 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in Apple in the fourth quarter worth $1,075,599,000. Swiss National Bank increased its position in Apple by 13.1% in the first quarter. Swiss National Bank now owns 71,060,708 shares of the iPhone maker’s stock worth $12,407,910,000 after buying an additional 8,230,300 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Apple by 22.8% in the fourth quarter. California Public Employees Retirement System now owns 43,324,653 shares of the iPhone maker’s stock worth $5,629,172,000 after buying an additional 8,042,205 shares during the last quarter. 57.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

In related news, COO Jeffrey E. Williams sold 187,730 shares of the business’s stock in a transaction dated Wednesday, March 22nd. The stock was sold at an average price of $159.76, for a total transaction of $29,991,744.80. Following the transaction, the chief operating officer now owns 489,816 shares in the company, valued at approximately $78,253,004.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Apple news, insider Chris Kondo sold 4,092 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the transaction, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 187,730 shares of the company’s stock in a transaction that occurred on Wednesday, March 22nd. The stock was sold at an average price of $159.76, for a total value of $29,991,744.80. Following the transaction, the chief operating officer now owns 489,816 shares in the company, valued at approximately $78,253,004.16. The disclosure for this sale can be found here. Insiders have sold a total of 439,529 shares of company stock worth $71,703,657 in the last 90 days. Company insiders own 0.06% of the company’s stock.

Apple Trading Up 1.6 %

NASDAQ AAPL opened at $183.79 on Tuesday. Apple Inc. has a 1-year low of $124.17 and a 1-year high of $184.95. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. The stock has a 50-day moving average of $171.01 and a 200-day moving average of $154.16. The firm has a market cap of $2.89 trillion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 2.42 and a beta of 1.29.

Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Apple had a return on equity of 165.72% and a net margin of 24.49%. The company had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same quarter in the previous year, the company posted $1.52 EPS. Apple’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 5.99 EPS for the current year.

Apple declared that its board has authorized a share repurchase program on Thursday, May 4th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Friday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.23. Apple’s payout ratio is currently 16.30%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AAPL. The Goldman Sachs Group started coverage on Apple in a research report on Sunday, March 5th. They issued a “buy” rating and a $199.00 target price for the company. Evercore ISI lifted their price target on Apple from $190.00 to $210.00 and gave the company an “outperform” rating in a research report on Monday, June 5th. Jefferies Financial Group lifted their price target on Apple from $195.00 to $210.00 in a research report on Friday, June 2nd. Loop Capital cut Apple from a “buy” rating to a “hold” rating and set a $180.00 price target for the company. in a research report on Monday, May 22nd. Finally, Atlantic Securities lifted their price target on Apple from $180.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.11.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.